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| Current Payment: | $350.49 |
| Your New Payment: | $232.59 |
| Monthly Savings: | $117.90 |
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IRS Reminds Students of "Tax-Advantaged Education Expenses"
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IRS Acting Commissioner Linda Stiff stated, "The start of the school year is a good time to remind parents, students, and teachers to save all receipts related to tax-advantaged education expenses." She further added that good recordkeeping makes sense because it can help avoid missing a deduction or credit come tax time.
The deductions related to educator expenses allow educators, including teachers, to deduct the costs of books, supplies, equipment, and software used in classrooms. Educators working 900 or more hours per school year in public or private elementary or secondary schools are eligible for these tax breaks.
For post-secondary education, three vital tax breaks are available to help parents and students. These are:
- tuition and fees deductions
- Hope credits
- lifetime-learning credits
In the case of college education, a taxpayer can claim deductions on any enrollment fees or tuition fees paid for his or her dependant's or own education. However, both education credit and tuition and fees deductions cannot be claimed at the same time for the same student.
The IRS news release mentioned that the new Form 8917 needs to be used to claim tuition and fees deductions for 2007, while education credits will be claimed on Form 8863.
There are several special rules and income limits that apply to each of these tax breaks. IRS Publication 970, "Tax Benefits for Education," helps people understand these special rules and provisions regarding eligibility for education-related tax breaks. Other education-related benefits such as 529 plans, student loan interest deductions, Coverdell education savings accounts, and the education savings bond program are also explained in the publication.
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The Healthcare Career Resources column is presented by HealthcareCrossing, America's leading job search site dedicated to getting jobs for healthcare professionals.
Save Money with a Private Student Loan Consolidation from Medical School Loans By Brooke Heath Even as a young child practicing medicine on your stuffed animals, you knew that you were destined to become a physician. But the road to obtaining your medical degree takes more than just the ability to mend the imaginary wounds of a teddy bear. + read more |
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